Unless the Vix pushes above 29, its 50-day, Najarian thinks the decline on Monday is nothing more than profit taking before the next leg higher.

And he believes with financials still in a state of flux, bulls plan to drive the market with sectors that benefit from global growth such as Materials.

”I think they’re buying protection and getting ready for a ride to the upside," he says.

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For Rich RepettoSandler O'Neill was a manager or a co-manager of a public offering of securities for MF Global Holdings Ltd. in the past 12 months. Sandler O'Neill has received compensation from MF Global Holdings Ltd. for investment banking services in the past 12 months. Sandler O'Neill has received compensation from MF Global Holdings Ltd. for providing products or services other than investment banking services in the 12-month period ending as of the second most recent month preceding the date of this report. MF Global Holdings Ltd. was a client of Sandler O'Neill in the 12-month period ending as of the second most recent month immediately preceding the date of this report. During that period, Sandler O'Neill provided investment banking services to MF Global Holdings Ltd..